JPMorgan Upgrades NICE Systems Ltd (NICE) to Overweight

JPMorgan analyst Paul Coster upgraded NICE Systems Ltd (NASDAQ: NICE) from Neutral to Overweight with a price target of $260.00 (from $261.00).

The analyst comments "We are upgrading NICE to Overweight on valuation. NICE stock is down about 23% YTD (S&P500 up ~12.5%) trading off with the broader Nasdaq index despite mildly encouraging 1Q results (see note). With NICE currently lacking catalysts, institutional investors have turned their attention to smaller, faster-growing cloud-native near-pears such as FIVN and RNG as they expand into contact center and customer engagement applications. We think this YTD underperformance in NICE shares yields a GARP buying opportunity. No change to estimates and only a modest change of the Price Target to $261 from $260; we look for solid execution to lead to mild upward revisions to estimates and the ongoing pivot to cloud should lead to a positive re-rating as the stock gets more firmly positioned in the cloud software space."

For an analyst ratings summary and ratings history on NICE Systems Ltd click here. For more ratings news on NICE Systems Ltd click here.

Shares of NICE Systems Ltd closed at $227.99 yesterday.

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